Pinsent Masons advises supervisory board of Telefónica Deutschland Holding in connection with the public tender offer of Telefónica

24 Jan 2024 | 11:05 am | 1 min. read

Multinational law firm Pinsent Masons has advised the supervisory board of Telefónica Deutschland Holding AG in connection with the public tender offer of its Spanish majority shareholder Telefónica, S.A.

On 5 December 2023, the Spanish parent company submitted an offer to the shareholders of the listed Telefónica Deutschland Holding AG through its wholly owned subsidiary Telefónica Local Services GmbH to acquire approximately 551 million shares, corresponding to approximately 18.52% of the share capital. The period for accepting the offer ended on 17 January 2024. The offer price per share was EUR 2.35 in cash, meaning that the transaction volume of the acquisition offer was approximately EUR 1.3 billion. The purchase offer was accepted for around 234 million shares within the acceptance period. In total, Telefónica, S.A. directly and indirectly held approximately 93.1% of Telefónica Deutschland Holding AG at the end of the acceptance period.

The Pinsent Masons team comprehensively advised the supervisory board of Telefónica Deutschland Holding AG in connection with the acquisition offer, in particular on the submission of the reasoned statement on the offer required under the German Securities Acquisition and Takeover Act. Goldman Sachs advised the Supervisory Board on the financial adequacy of the offer price.

The cross-border Pinsent Masons team was led by Sven Schulte-Hillen and comprised Dr. Markus J. Friedl, Gudrun Moll and Antonio Sanchez Montero from our Madrid office.

Commenting on the transaction, Sven Schulte-Hillen said: “This transaction is a good example of our firm’s capacity to handle complex and cross-border projects that require multiple skillsets.”

Telefónica Deutschland is a long-standing client of Pinsent Masons' German practice. Most recently, the law firm advised the company on numerous technology projects and transactions, for example on the fiber optic joint venture between Allianz and Telefónica Group, as well as on the ordinary Annual General Meeting 2023.

Key Contacts

Latest press releases

Show me all press releases

Pinsent Masons advises medtech startup OASYS NOW as it reaches significant milestone

Multinational law firm Pinsent Masons has advised Netherlands-based MedTech startup OASYS NOW on its journey to receive its first equity investment.

Pinsent Masons advises on funding of Vietnam’s first large-scale LNG-fueled power plants

Multinational law firm Pinsent Masons has advised PetroVietnam Power on the funding of the US$1.4 billion Nhon Trach 3 and Nhon Trach 4 LNG-to-Power plants, which will be the first large-scale LNG plants in Vietnam.

Pinsent Masons advises Abacus Storage King on $1.25 billion debt finance transaction

Multinational law firm Pinsent Masons has advised listed Australian entity Abacus Storage King (ASK) on its recent landmark debt finance transaction with commitments of A$1.25 billion.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises medtech startup OASYS NOW as it reaches significant milestone

Multinational law firm Pinsent Masons has advised Netherlands-based MedTech startup OASYS NOW on its journey to receive its first equity investment.

Pinsent Masons advises Clarios on Series B1 financing round of Altris

Multinational law firm Pinsent Masons advised Clarios on its investment in Altris as part of the Series B1 financing round.

Pinsent Masons continues expansion in Australia with two senior corporate appointments

Multinational law firm Pinsent Masons has continued its expansion in Australia with the appointment of partner James Stewart and special counsel Roger Hawkins to our corporate team.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts

We are processing your request. \n Thank you for your patience. An error occurred. This could be due to inactivity on the page - please try again.